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You can run Django on PyPy, and it appears to be running reasonably well. By Django version 1.0 the current issues should have been resolved.
For now you can get a project like Pinax from Django Hotclub up and running with a bit of extra work.

This will create a pypy-c executable in the current directory. The generated interpreter will use the modified
and standard Python libraries bundled with the PyPy source code if a runtime library is not already on the PYTHONPATH.